Top Legislation - View All
Latest Action: 01/04/2007 - Read twice and referred to the Committee on Rules and Administration. Bill TextA bill to modify the application of the Federal Election Campaign Act of 1971 to Indian tribes. 1/4/2007--Introduced. Amends the Federal Election Campaign Act of 1971 to treat members of an unincorporated Indian tribe in the same manner as the stockholders of a corporation.
Also tagged in: Business, Capital gains tax, Corporate mergers, Depreciation and amortization, Employee health benefits, Estates (Law), Finance, Flexible benefit plans, Government contractors, Group insurance, Health policy, Home offices, Income tax, Intangible property, Labor, Law, Life insurance, Long-term care insurance, Medical care, Public contracts, Self-employed, Small business, Stocks, Tax administration, Tax deductions, Tax exclusion, Taxation, Withholding tax
Latest Action: 01/04/2007 - Referred to the House Committee on Ways and Means. Bill TextTo amend the Internal Revenue Code of 1986 to provide tax incentives for small businesses, and for other purposes. 1/4/2007--Introduced. Small Business Tax Fairness and Simplification Act of 2007 - Amends the Internal Revenue Code to: (1) allow self-employed individuals to participate in cafeteria pension plans; (2) allow long-term care insurance under cafeteria plans and flexible spending arrangements; (3) allow accelerated amortization of certain intangible assets (e.g., good will) acquired from a small business; (4) increase the tax exclusion of gain from the sale of certain small business stock; (5) provide a $2,500 standard tax deduction for home business expenses; (6) permit certain small businesses to elect a taxable year ending in a month from April to November; (7) increase the allowable number of S corporation shareholders; and (8) exempt certain small businesses from withholding of tax requirements for payments made by government entities.
Also tagged in: Accounting, Administrative procedure, Administrative remedies, Bank employees, Budgets, Business, Capital gains tax, Checks, Citizenship, Compensation for victims of crime, Congress, Congressional reporting requirements, Construction costs, Contracts, Corporation taxes, Cost of living adjustments, Criminal investigation, Criminal justice, Debt, Department of the Treasury, Depreciation and amortization, Disabled, Due process of law, Economic policy, Employment, Employment agencies, Enterprise zones, Executive compensation, Executive departments, Executive reorganization, Expatriation, Finance, Fines (Penalties), Food, Foreign corporations, Fraud, Gifts, Governmental investigations, Immigration, Income tax, Indexing (Economic policy), Insurance, Interest, Internal Revenue Service (IRS), Inventories, Investments, Job training, Labor, Law, Leases, Legislation, Pensions, Professions, Profit, Punitive damages, Restaurants, Retail trade, Securities, Small business, Stocks, Subsidiary corporations, Surety and fidelity, Tax administration, Tax credits, Tax deductions, Tax deferral, Tax exclusion, Tax liens, Tax penalties, Tax refunds, Tax returns, Tax-deferred compensation plans, Taxation, Taxation of foreign income, Trade, Trusts and trustees, Urban affairs, User charges, Veterans, Veterans' employment, Visas, Wages, Welfare, Welfare work participation, Whistle blowing, Withholding tax
Latest Action: 01/22/2007 - Committee on Finance. Original measure reported to Senate by Senator Baucus. With written report No. 110-1. Additional views filed. Bill TextAn original bill to amend the Internal Revenue Code of 1986 to provide additional tax incentives to employers and employees of small businesses, and for other purposes. 1/22/2007--Reported to Senate without amendment, 1st committee reporting. (There is 1 other summary) (This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.) Small Business and Work Opportunity Act of 2007 - Title I: Small Business Tax Relief Provisions - Subtitle A: General Provisions - (Sec. 101) Amends the Internal Revenue Code to extend through 2010 the increased expensing allowance for small business assets. (Sec. 102) Extends through March 2008 accelerated depreciation of qualified leasehold and restaurant improvement property. Revises the definition of "qualified restaurant property" to eliminate the requirement that improvements to restaurant property must be [...] show full description
Also tagged in: Agricultural cooperatives, Agriculture, Business, Dairy industry, Elections, Finance, Food, Government information, Government paperwork, Marketing orders, Milk, Referendum
Latest Action: 02/08/2007 - Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry. (text of measure as introduced: CR S1785) Bill TextA bill to allow the modified bloc voting by cooperative associations of milk producers in connection with a referendum on Federal Milk Marketing Order reform. 2/8/2007--Introduced. Democracy for Dairy Producers Act of 2007 - Requires, with respect to a specified referendum on federal milk marketing orders and related reforms, that: (1) if a cooperative association of milk producers elects bloc voting on behalf of its members it shall provide each member with written notice of referendum issues, its intended voting position, and individual producer voting procedures; and (2) the Secretary of Agriculture adjust the association vote to reflect individual producer votes.
Also tagged in: Brokers, Business, Corporate mergers, Corporate reorganizations, Dividends, Finance, Government information, Government paperwork, Income tax, Interest, Pension funds, Pensions, Securities, Tax administration, Tax returns, Tax-deferred compensation plans, Taxation
Latest Action: 02/15/2007 - Sponsor introductory remarks on measure. (CR S2085-2086) Bill TextA bill to amend the Internal Revenue Code of 1986 to extend the reporting period for certain statements sent to taxpayers. 2/15/2007--Introduced. Reduce Wasteful Tax Forms Act of 2007 - Amends the Internal Revenue Code to extend until February 15 the annual deadline for reporting certain investment income to the Internal Revenue Service.
Also tagged in: Admission of nonimmigrants, Aliens, Armed forces, Business, Caribbean area, Children, Congress, Congressional oversight, Congressional reporting requirements, Contracts, Corporation directors, Corporations, Cuba, Defense policy, Dictators, Energy, Energy development, Energy transportation, Environmental protection, Executives, Export controls, Export finance, Families, Finance, Financial institutions, Florida, Foreign investments, Foreign policy, Gas in submerged lands, Gas industry, Government procurement, Government securities, Immigration, International affairs, International finance, Investments, Investors, Latin America, Loans, Marine ecology, Marine resources, Married people, National security, Natural gas, Natural resources, Oil and gas leases, Oil and gas royalties, Oil well drilling, Petroleum, Petroleum engineering, Petroleum in submerged lands, Petroleum industry, Pipelines, Prospecting, Public contracts, Sanctions (International law), Submarine oil well drilling, Subsidiary corporations, Technology, Technology transfer, Trade, Transportation, Visas
Latest Action: 03/14/2007 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Bill TextA bill to exclude from admission to the United States aliens who have made investments contributing to the enhancement of the ability of Cuba to develop its petroleum resources, and for other purposes. 3/14/2007--Introduced. States that it shall be U.S. policy to: (1) undertake measures to deny the Cuban regime the financial resources to engage in activities that threaten U.S. national security and other interests, threaten the environment and natural resources of northern Cuba and Florida, and prolong the dictatorship that oppresses the Cuban people; and (2) deter foreign investments that would enhance the Cuban regime's ability to develop its petroleum resources. Amends the Cuban Liberty and Democratic Solidarity (LIBERTAD) Act of 1996 to exclude from U.S. entry an alien who: (1) is an officer or principal of an entity, or a shareholder who owns a controlling interest in an entity that makes an investment (as defined by this Act) of $1 million or more (or any combination [...] show full description
Also tagged in: American investments, Bank holding companies, Business, Corporation taxes, Finance, Financial services, Foreign banks and banking, Foreign corporations, Holding companies, Income tax, Insurance, Insurance companies, International finance, Tax deferral, Tax exclusion, Taxation, Taxation of foreign income, Trade
Latest Action: 03/20/2007 - Sponsor introductory remarks on measure. (CR S3391) Bill TextA bill to amend the Internal Revenue Code of 1986 to permanently extend the subpart F exemption for active financing income. 3/20/2007--Introduced. Amends the Internal Revenue Code, with respect to taxation of U.S. shareholders of controlled foreign corporations, to permanently extend the subpart F exemption (which excludes such income from the shareholder's foreign personal holding company income) for active financing (insurance, banking, financing, or similar businesses) income earned on business operations overseas.
Also tagged in: Administrative procedure, Business, Corporate management, Corporate mergers, Corporate reorganizations, Executive compensation, Executive departments, Finance, Golden parachutes, Independent regulatory commissions, Information disclosure (Securities law), Labor, Law, Securities and Exchange Commission, Securities regulation, Voting
Latest Action: 04/20/2007 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Bill TextA bill to amend the Securities Exchange Act of 1934 to provide shareholders with an advisory vote on executive compensation. 4/20/2007--Introduced. Shareholder Vote on Executive Compensation Act - Amends the Securities Exchange Act of 1934 to require a proxy, consent, or authorization for a shareholder meeting occurring on or after January 1, 2009, to permit a separate shareholder vote to approve executive compensation. States that such shareholder vote shall not be binding on the board of directors, nor construed: (1) as overruling a board decision; (2) to create or imply additional fiduciary duty by such board; and (3) to restrict or limit shareholder ability to make proposals for inclusion in proxy materials related to executive compensation. Requires proxy solicitation material for a shareholder meeting occurring on or after January 1, 2009, concerning disposition of substantially all of an issuer's assets, to disclose compensation agreements or understandings [...] show full description
Also tagged in: Administrative procedure, Business, Corporate management, Corporate mergers, Corporate reorganizations, Executive compensation, Executive departments, Finance, Golden parachutes, Independent regulatory commissions, Information disclosure (Securities law), Labor, Law, Securities and Exchange Commission, Securities regulation, Voting
Latest Action: 04/23/2007 - Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Bill TextTo amend the Securities Exchange Act of 1934 to provide shareholders with an advisory vote on executive compensation. 4/20/2007--Passed House amended. (There are 2 other summaries) Shareholder Vote on Executive Compensation Act - Amends the Securities Exchange Act of 1934 to require a proxy, consent, or authorization for a shareholder meeting occurring on or after January 1, 2009, to permit a separate shareholder vote to approve executive compensation. States that such shareholder vote shall not be binding on the corporation or board of directors, nor construed: (1) as overruling a board decision; (2) to create or imply additional fiduciary duty by such board; (3) to restrict or limit shareholder ability to make proposals for inclusion in proxy materials related to executive compensation. Requires proxy solicitation material for a shareholder meeting occurring on or after January 1, 2009, concerning disposition of substantially all of [...] show full description
Also tagged in: Administrative procedure, Agriculture, Bank holding companies, Bank loans, Bank management, Bank records, Banks and banking, Bonds, Business, Civil liberties, Community development banking, Congress, Congressional investigations, Congressional reporting requirements, Consumer credit, Consumer education, Consumers, Corporation directors, Corporation taxes, Credit bureaus, Debtor and creditor, Department of the Treasury, Executive departments, Farm lands, Federal reserve system, Fees, Finance, Government information, Government paperwork, Housing, Income tax, Individual retirement accounts, Information disclosure (Securities law), Interest, Law, Minimum tax, Money, Mortgage banks, Mortgages, Partnerships, Pensions, Right of privacy, Small business, Tax credits, Tax rates, Taxation
Latest Action: 05/16/2007 - Read twice and referred to the Committee on Finance. Bill TextA bill to enhance the ability of community banks to foster economic growth and serve their communities, boost small businesses, increase individual savings, and for other purposes. 5/16/2007--Introduced. Community Banks Serving Their Communities First Act, or the Communities First Act - Revises regulatory requirements for community banks, including amendments to: (1) the Federal Deposit Insurance Act to permit certain insured depository institutions to submit a short form report of condition; (2) the Sarbanes-Oxley Act of 2002 to exempt certain small-sized depository institutions from annual management assessment of internal controls requirements; (3) the Securities Investor Protection Act of 1970 to exempt certain small-size community banks from its prohibition against advances for customers' net equity claims; (4) the Federal Reserve Act to increase the asset size of banks exempt from the limitation on extensions of credit to executive officers, directors, and principal [...] show full description
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Latest Legislation - View All
Also tagged in: Air cargo, Business, Dividends, Finance, Foreign corporations, Income tax, Investments, Merchant ships, Tax deductions, Tax exclusion, Taxation, Taxation of foreign income, Trade, Transportation
Latest Action: 07/29/2008 - Read twice and referred to the Committee on Finance. Bill TextA bill to amend the Internal Revenue Code of 1986 to repeal the shipping investment withdrawal rules in section 955 and to provide an incentive to reinvest foreign shipping earnings in the United States. 7/29/2008--Introduced. American Shipping Reinvestment Act of 2008 - Amends the Internal Revenue Code to: (1) repeal shipping investment withdrawal tax rules; and (2) allow U.S. corporate shareholders a tax deduction for dividends attributable to foreign base company shipping income received from a controlled foreign corporation.
Also tagged in: Accounting, Aliens, Business, Capital gains tax, Charitable contributions, Corporation taxes, Finance, Income tax, Individual retirement accounts, Law, Pensions, Small business, Tax administration, Tax deductions, Tax exclusion, Taxation, Trusts and trustees
Latest Action: 05/22/2008 - Sponsor introductory remarks on measure. (CR S4803) Bill TextA bill to amend the Internal Revenue Code of 1986 to provide for S corporation reform, and for other purposes. 5/22/2008--Introduced. S Corporation Modernization Act of 2008 - Amends the Internal Revenue Code to revise the tax treatment of S corporations by: (1) reducing from 10 to seven years the period during which S corporation built-in gains are subject to tax; (2) repealing mandatory termination of S corporation elections for excessive passive investment income; (3) allowing S corporations to increase passive investment income from 25 to 60% without incurring additional tax; (4) allowing nonresident aliens to be potential current beneficiaries of an electing small business trust (ESBT); (5) allowing individual retirement accounts (IRAs) to be S corporation shareholders; and (6) allowing ESBTs to claim expanded charitable tax deductions.
Also tagged in: Accounting, Administrative procedure, Armed forces, Business, Consultants, Corporate mergers, Defense contracts, Defense economics, Executive compensation, Executive departments, Finance, Financial statements, Fringe benefits, Golden parachutes, Government contractors, Independent regulatory commissions, Information disclosure (Securities law), Law, Profit, Public contracts, Securities and Exchange Commission, Securities regulation, Tax-deferred compensation plans, Taxation
Latest Action: 04/15/2008 - Read twice and referred to the Committee on Finance. Bill TextA bill to require greater disclosure of senior corporate officer compensation, to empower shareholders and investors to protect themselves from fraud, to limit conflicts of interest in determining senior corporate officer compensation, to ensure integrity in Federal contracting, to close corporate tax loopholes utilized to subsidize senior corporate officer compensation, and for other purposes. 4/15/2008--Introduced. Corporate Executive Compensation Accountability and Transparency Act - Amends the Internal Revenue Code to the limit annual aggregate amounts which may be deferred under nonqualified deferred compensation arrangements. Amends the Sarbanes-Oxley Act of 2002 to extend from 12 to 36 months the look-back period for any bonuses, incentive-based or equity-based compensation, or profits realized from the sale of securities which must be reimbursed to a securities issuer by its chief executive officer and chief financial officer if the issuer is required to prepare [...] show full description
Also tagged in: Administrative procedure, Business, Compensation for victims of crime, Corporate accountability, Criminal justice, Department of Justice, District courts, Employee crimes, Executive departments, Finance, Fraud, Judges, Judicial review, Labor, Law, Magistrates, Probation, Prosecution
Latest Action: 02/04/2008 - Referred to the Subcommittee on Commercial and Administrative Law. Bill TextTo require the Attorney General to issue guidelines delineating when to enter into deferred prosecution agreements, to require judicial sanction of deferred prosecution agreements, and to provide for Federal monitors to oversee deferred prosecution agreements. 1/22/2008--Introduced. Directs the Attorney General to issue guidelines delineating when U.S. attorneys should enter into deferred prosecution agreements, including appropriate factors for U.S. Attorneys to consider in determining whether to enter such agreements. Requires a deferred prosecution agreement to be approved by a U.S. district court judge or a U.S. magistrate judge in the U.S. district court where criminal charges would be prosecuted by a U.S. attorney. Requires oversight of a deferred prosecution agreement by a federal monitor appointed by an independent third party (a U. S. district court judge or a U.S. magistrate judge) from a pool of pre-qualified firms or individuals (or both). Requires [...] show full description
Also tagged in: Accounting, Aliens, Business, Capital gains tax, Charitable contributions, Congress, Congressional investigations, Congressional reporting requirements, Corporation taxes, Finance, Income tax, Individual retirement accounts, Law, Pensions, Small business, Tax administration, Tax deductions, Tax exclusion, Taxation, Trusts and trustees
Latest Action: 12/19/2007 - Referred to the House Committee on Ways and Means. Bill TextTo amend the Internal Revenue Code of 1986 to provide for S corporation reform, and for other purposes. 12/19/2007--Introduced. S Corporation Modernization Act of 2007 - Amends the Internal Revenue Code to revise the tax treatment of S corporations, including by: (1) reducing from 10 to 7 years the period during which S corporation built-in gains are subject to tax; (2) allowing nonresident aliens to qualify as beneficiaries of an electing small business trust (ESBT); (3) repealing mandatory termination of S corporation elections for excessive passive investment income; (4) allowing S corporations to increase passive investment income from 25 to 60% without incurring additional tax; (5) allowing individual retirement accounts to be S corporation shareholders; and (6) allowing ESBTs to claim expanded charitable tax deductions.Directs the Comptroller General to study and report to Congress on entity neutrality under the Internal Revenue Code with respect to S corporations,[...] show full description
Also tagged in: Admission of nonimmigrants, Aliens, Boundaries, Business, Caribbean area, Children, Corporation directors, Cuba, Energy, Families, Finance, Foreign policy, Gas in submerged lands, Immigration, International affairs, Investments, Investors, Latin America, Marine resources, Married people, Natural gas, Oil and gas leases, Oil and gas royalties, Oil well drilling, Petroleum in submerged lands, Petroleum industry, Profit, Prospecting, Treaties, Visas
Latest Action: 12/18/2007 - Read twice and referred to the Committee on the Judiciary. Bill TextA bill to exclude from admission to the United States aliens who have directly and significantly contributed to the ability of Cuba to develop its petroleum resources, and for other purposes. 12/18/2007--Introduced. States that the Maritime Boundary Agreement Between the United States of America and the Republic of Cuba shall have no force and effect after the date of the enactment of this Act. Amends the Cuban Liberty and Democratic Solidarity (LIBERTAD) Act of 1996 to exclude from U.S. entry an alien who: (1) is an officer or principal of an entity, or a shareholder who owns a controlling interest in an entity that makes an investment of $1 million or more (or any combination of investments that equals or exceeds $1 million in any 12-month period) that significantly contributes to Cuba's ability to develop petroleum and natural gas resources off its north coast; or (2) is a spouse, minor child, or agent of such person. Exempts on a case-by-case basis entries [...] show full description
Also tagged in: Business, Computer software, Finance, Foreign banks and banking, Foreign corporations, Holding companies, Income tax, Insurance, International finance, Leases, Rent, Tax exemption, Taxation, Taxation of foreign income, Technology, Trade
Latest Action: 11/16/2007 - Read twice and referred to the Committee on Finance. Bill TextA bill to amend the Internal Revenue Code of 1986 to modernize the application of the subpart F rules to computer software, to expand the subpart F de minimis rule, and to extend certain expiring provisions. 11/16/2007--Introduced. Amends Internal Revenue Code provisions relating to taxation of U.S. shareholders of controlled foreign corporations to: (1) exclude from foreign personal holding company income rents and royalties attributable to computer software that is leased or licensed for use outside the United States and that was developed or marketed by a controlled foreign corporation or related person; (2) increase to $5 million (currently, $1 million) the de minimis dollar amount for determinations of foreign base company income; (3) permanently extend the look-thru rule for for the tax treatment of income received or accrued from a controlled foreign corporation; and (4) permanently extend the exemption from foreign personal holding company income for active financing [...] show full description
Also tagged in: Brownfields, Business, Capital gains tax, Corporation taxes, Depreciation and amortization, Depressed areas, Economic policy, Employment, Enterprise zones, Environmental protection, Finance, Food, Government contractors, Hazardous substances, Hazardous waste sites, Hazardous wastes, Income tax, Labor, Leases, Liability for environmental damages, Public contracts, Research and development tax credit, Restaurants, Science policy, Small business, Solid wastes, Stocks, Tax administration, Tax deductions, Tax exclusion, Taxation, Withholding tax
Latest Action: 10/18/2007 - Referred to the House Committee on Ways and Means. Bill TextTo amend the Internal Revenue Code of 1986 to provide tax relief for small businesses. 10/18/2007--Introduced. Small Business Tax Relief Act of 2007 - Amends the Internal Revenue Code to: (1) make permanent the work opportunity tax credit, the new markets tax credit, and the tax credit for increasing research activities; (2) make permanent accelerated depreciation of qualified leasehold improvement and restaurant property and expensing of environmental remediation expenditures; (3) increase the partial tax exclusion of gain from sales of certain small business stock for noncorporate business taxpayers and businesses in an empowerment zone; (4) permit certain small businesses to elect taxable years ending between April and November; (5) increase the allowable number of S corporation shareholders from 100 to 150; and (6) exempt certain small businesses from the 3% withholding requirement applicable to payments made to such businesses by government entities.
Also tagged in: Accounting, Affiliated corporations, Architecture, Business, Corporation taxes, Employee ownership, Engineering, Finance, Humanities, Income tax, Infrastructure, Labor, Partnerships, Service industries, Stocks, Subsidiary corporations, Tax administration, Taxation
Latest Action: 10/04/2007 - Referred to the House Committee on Ways and Means. Bill TextTo amend the Internal Revenue Code of 1986 to clarify that qualified personal service corporations may continue to use the cash method of accounting, and for other purposes. 10/4/2007--Introduced. Qualified Personal Service Corporations Clarification Act of 2007 - Amends the Internal Revenue Code to modify the criteria for determining whether a corporation is a qualified personal service corporation. Includes within the definition of qualified personal service corporation a qualifying corporation substantially all of whose stock is held by certain former employees (thus permitting such corporation to use the cash method of accounting).
Also tagged in: Business, Corporate finance, Corporations, Finance, Financial statements, Government information, Government paperwork, Information disclosure (Securities law), Mutual funds, Securities regulation, Technology, Telecommunication, Web sites
Latest Action: 12/10/2007 - Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises. Bill TextTo authorize the Securities and Exchange Commission to permit or require persons filing or furnishing information under the securities laws to make such information available on internet websites, in addition to or instead of including such information in filings with or submissions to the Commission, under such conditions as the Commission may specify by rule. 9/7/2007--Introduced. Transparency in Corporate Filings Act - Amends the Securities Act of 1933, the Securities Exchange Act of 1934, and the Investment Company Act of 1940, with respect to mandatory public disclosures in either registration statements, prospectuses, reports, or broadcasts, to authorize the Securities and Exchange Commission (SEC) to provide that a disclosure form, periodic report, or document need not be filed if the SEC has otherwise prescribed another means for public disclosure of such information (including, by implication, on an Internet website). Amends the Investment Company Act of 1940 [...] show full description
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